Older houses offer a sense of charm and character that new construction builds often lack, but they can come with their share of complications as well. Buying a house is a huge financial investment, and before you choose between the character-filled early 20th-century home versus the modern newly constructed home, make sure to weigh the benefits against the potential pitfalls.

The age of your home isn’t the only thing to consider in the buying process, but it is an important factor. Many other important details can stem from the age of the house as well, including cost, maintenance, layout and safety. In this article, we’ve outlined a few pros and cons of purchasing an older home.

PRO: ESTABLISHED NEIGHBORHOODS

Older homes are often more centrally located and within established neighborhoods, within walking distance of many local shops and parks. Established neighborhoods also mean mature shade trees and landscaping, not to mention no noisy construction crews building new houses nearby.

CON: HIGHER MAINTENANCE COSTS

Maintaining or replacing old heating systems, air conditioning units or wiring can be an expensive but necessary task to ensure their safety and efficiency. Faulty wiring poses a fire hazard, so detecting any problems and addressing them quickly is important to avoid the potential of fire damage.

PRO: LOWER COST

Though it depends on the house’s location and condition, older homes typically cost less than a modern house. You’re also likely to get more bang for your buck as far as acreage, as new construction homes are often built on smaller lots.

CON: LESS STORAGE SPACE

Modern closet measurements and construction offer up increased storage space for homebuyers, while older closets are typically smaller and sometimes imperfectly shaped, making it more difficult to store items and install shelving.

PRO: CHARACTER AND CHARM

Older homes often offer a charming architectural individuality that the cookie-cutter style of some newer residential developments lack. Modern houses can lack the craftsmanship and character of established homes, so if you’re looking for a unique home that stands out from the rest, new construction may not be the best fit for you.

PRO OR CON: SMALLER, CLOSED FLOOR PLAN

Most older homes lack the open floor plan that many prospective homebuyers find appealing. Closed-off kitchens and separate living spaces cut off sightlines and restrict mingling. Along with the closed-off layout, older homes typically have lower ceilings and smaller rooms and closets. Open-concept layouts are a matter of preference, however, with some homebuyers in search of a more traditional layout. A home with an open floor plan can also be a safety risk, because a small fire can quickly get out of control with fewer barriers to blaze through, potentially leading to a fire damage insurance claim.

ABOUT K-FACTOR ADVOCATES

K-Factor Advocates is a public adjusting firm that specializes in insurance claim negotiation, policy language and interpretation, and claims estimating. K-Factor’s team of public adjusters work on behalf of the policyholder. Coverage areas include Montana, Idaho, North Dakota, South Dakota, Wisconsin, Nebraska, Minnesota and Michigan.